Om Power Transmission IPO Day 3 Highlights: Issue booked 3.32 times on final day — Check GMP, review and other details

Om Power Transmission IPO closed the third and final day of bidding with 3.32 times bids, led by strong demand from QIB and NIIs.

The QIB quota was booked 3.65 times, the NII portion 7.06 times and the retail segment 1.54 times.

Om Power Transmission’s IPO reflects the broader structural opportunity in India’s power infrastructure build-out, especially in transmission EPC. The company has demonstrated strong earnings growth and operates in a sector backed by long-term government capex tailwinds. However, the muted grey market premium suggests that near-term listing gains may remain limited.

From an investment perspective, this IPO appears better suited for long-term investors who are aligned with India’s infrastructure growth story, rather than those seeking short-term listing pops.

— Tushar Badjate, Director of Badjate Stock & Shares

The company’s business verticals comprise of (i) Transmission Line EPC Projects, (ii) Substation EPC Projects, (iii) Underground Cable Projects, and (iv) Operation & Maintenance Services. The client base comprises of Public Sector Undertakings (PSUs) and Private clients. As of Dec’25, PSUs orders comprised of ~84% of the company’s total order book.

(i) Majority of projects are awarded through competitive bidding process. For Dec’25, OPTL’s bid win ratio stood at 35.7%. Failure to qualify for, compete or win new contracts could negatively impact its business.

(ii) Concentration of project portfolio and revenue generation in Gujarat.

(iii) Elevated days of trade receivables (191 days/117 days as of 9MFY26/FY25), primarily driven by higher dependency on PSU orders.

Om Power Transmission is a power transmission infrastructure EPC company with proven capabilities in executing HV and EHV transmission lines, substations, and underground cabling projects on a turnkey basis, along with comprehensive O&M services.

The company has demonstrated healthy financial performance with Revenue/EBITDA/PAT growing at a CAGR of 52%/73%/88% to ₹279 cr/ ₹34 cr/ ₹23 cr respectively between FY23-25. Further, the company is well placed to capitalize on strong sector tailwinds, with India’s power generation and transmission market expected to expand from USD 125 bn in FY24 to USD 280 bn by FY30P, growing at a CAGR of 14.4%.

Additionally, the company also plans to repay its borrowings partially to the tune of ₹25 cr which will aid in savings of finance costs and boost profitability. At the upper price band of ₹175, the issue is valued at a P/E of 27.1x/19.2x based on FY25 and annualized 9MFY26 earnings, respectively, on a post‑issue basis. We recommend investors to SUBSCRIBE to the issue at the cut-off price for a long-term investment horizon.

— SBI Securities

Om Power Transmission IPO was fully booked on the final day of the bidding, garnering 1.05 times bids. The NII and QIB investor led the demand, according to data from BSE.

The QIB segment was booked 1.18 times, the NII quota 1.32 times and the retail portion 88%.

Until FY25, the company executed all of its projects within Gujarat, and is starting to diversify its presence into the other states and has received projects in states like Rajasthan, Punjab and UTs like Dadra & Nagar Haveli and Daman & Diu. As of Dec’25, Gujarat dominated the company’s order book split, with ~79% share, followed by Punjab (~12%), Rajasthan (~5%), and the mentioned UTs (~4%).

Om Power Transmission IPO was subscribed 85% so far on the final day of the bidding process. Here's how different quotas were booked:

QIB: 1.18x

NII: 54%

Retail: 79%

As of December 2025, Om Power Transmission's unexecuted order book consisted of 58 projects aggregating to ₹744.6 cr (vs ₹209.9 cr/ ₹515.6 cr/ ₹441.7 cr in FY23/FY24/FY25, respectively), including 51 EPC Projects and 7 O&M contracts.

Here are some of the key dates for Om Power Transmission IPO that investors should note:

• Basis of allotment: April 15
• Refunds/unlocking ASBA fund: April 16
• Credit of shares to Demat A/C: April 16
• Listing date: April 17

Initially focused on Gujarat, it has now expanded into Rajasthan, Punjab, and the Union Territories of Dadra & Nagar Haveli and Daman & Diu.

It has delivered consistent growth in both revenue and profitability, with an order book of ₹744.60 crore as of December 31, 2025.

However, the sharp rise in profitability from FY25 onwards raises concerns about the sustainability of earnings.

Based on current financials, the valuation seems to factor in most near-term positives, leaving limited upside. Investors with adequate capital and a long-term horizon may consider allocating a moderate portion of their portfolio.

— Swastika Investmart

Om Power Transmission IPO was subscribed 71% as of the second day of bidding, led by demand from qualified institutional buyers (QIBs). Their segment was booked the most at 1.18 times, followed by the retail quote at 59%. The non-institutional investor (NII) portion received 38% subscription.

Investors can start applying for the offer at 10 am today and till 5 pm. Today is the last day to bid for Om Power Transmission IPO.

Prior to its initial public offering, Om Power Transmission IPO has secured ₹45.01 crore from three anchor investors.

The primary anchor investor was the Mauritius-based Craft Emerging Market Fund PCC, which, through its Elite Capital Fund and Citadel Capital Fund, acquired a total of 16.57 lakh shares for over ₹29 crore.

Morgan Stanley Asia (Singapore) purchased 571,000 shares in Om Power Transmission for ₹10 crore, whereas Sunrise Investment Trust, via the Sunrise Investment Opportunities Fund, acquired 343,000 shares for ₹6.01 crore.

The grey market premium (GMP) for the IPO has declined to ₹2, down from ₹7 earlier. At this level, the expected listing gain stands at about 1.14%, indicating a modest premium over the issue price.